Para 3.14.1 — MSO

Main points to be checked in different audit areas Audit of transactions included in Remittance Accounts

Audit objectives and scope 3.14.1 Remittance transactions are not booked to the final heads of account but are taken to merely adjusting heads. Their clearance may be by payment in cash or by book adjustment under the relevant service or revenue heads of account. The primary objectives of audit of these transactions are:

(i) to verify that the debits and credits have been cleared respectively by corresponding credits and debits within the same or in another audit circle; and

(ii) to scrutinize the balances from month to month in order to ensure their early clearance and to determine the accuracy of the outstandings at the end of the year.